watch nowTraditional retirement plans aren't enoughFor years, employers' financial benefits mostly focused on offering robust workplace retirement plans.
Yet, when asked where they would put an extra $600 provided by an employer, workers in the EBRI survey said they would spread it out — putting $192 toward funding retirement, $171 to emergency savings and $89 toward a health savings account, followed by paid time off, college savings and paying down college debt.
Yet those numbers may increase as employers recognize the upsides for the worker and the workplace.
New law gives employers more benefits flexibilityThe passage of Secure 2.0 legislation last year also gives employers more flexibility to offer emergency savings accounts.
Starting next year, as much as 3% of an employee's paycheck can be automatically placed in an emergency savings account, up to a total of $2,500.
Persons:
Jamie Grill, Buck, Chantel Sheaks
Organizations:
Center, U.S . Chamber of Commerce